Bitcoin was worked hard to overtake the $7,400 mark. However, the holding aspect that has proven problematic.

Bitcoin Price Market Overview

Bitcoin continues to reject at $7,300 even though it has staged a few inspiring pops above the $7,300 resistance. After a nearly 27% gain over the past two weeks, cooling off and consolidation is expected. The pattern of higher lows has consistently been re-established after each pullback from $7,300. Add to this the fact that there is a range of other positive signs which show BTC is well situated at the moment. Finally, a moment ago BTC price reaches $7410.

4-Hour Chart

Bitcoin Price Analysis: Bull Breakout or Bearish Reversal?

The week after week MACD (not imagined here) demonstrates a bullish cross showing up on August 26th, while the 20-MA rises over all the more drawn out term moving midpoints on the 4hr graph. The 100-MA as of late crossed over the 200-MA — essentially following the development of the 5 and 10-hour EMA alongside the good and bad times of the Stoch and RSI have given simple exchanging chances to informal investors.

Bulls have hinted at some weariness as a more critical take a gander at the rejected flies above $7,300 demonstrates that a progression of lower highs, and also the incidental higher volume spike above $7,320, is immediately dismissed. This dives BTC to the help zone around $7,270 to $7,250.

BTC now trades outside of the ascending channel. As shown by #1 and #2 on the 4-hour chart, each rejection at or above $7,300 has seen BTC return to $7,255 and $7,234. These have proven to be fairly reliable supports, but a move below $7,255 places BTC. This lies outside of the ascending channel, and $7,234 below the second ascending trendline.

Looking Ahead

In the event of a pullback, BTC has consistently found support at $7,250 and $7,332. $7,200 – $7,190 follow close by.

The outlook for BTC remains positive. Still, the cryptocurrency needs to quickly surpass, and maintain control over, the $7,400 resistance. This would place BTC back into the ascending channel.

In the up and coming 24 to 48 hours, if Bitcoin cost can break out of the $7,500 opposition level, it might possibly eye a development to $8,000.

Trade sensibly!

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.]

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